 Hilbert series multiplication exact sequence

For a homogeneous element $x$ of degree $e>0$ acting on a finite graded module, set $N=(0{:}_{M}x)$ and $C=M/xM$. The multiplication exact sequence $0\to N(-e)\to M(-e)\to M\to C\to 0$ and additivity of component lengths give $(1-t^e)P_M=P_C-t^e{P}_N$. This is the inductive step in the Hilbert-Serre theorem; the annihilator term must be kept unless multiplication by $x$ is injective.